Emirates NBD, a UAE-based banking group, has reportedly axed more than 400 jobs since October.
The redundancies were carried out across several businesses, Reuters reported citing sources familiar with the matter.
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However, the majority of the cuts were from the bank’s retail and technology operations. In the UAE, Emirates NBD employs around 12,000 people.
The cuts were not confirmed by Emirates NBD.
Earlier this month, British lender HSBC was also reported to have trimmed its workforce in the UAE.
Such redundancy plans are aligned with the lenders’ strategy to reduce operating costs and tackle with dull economic growth. Some of the local banks are cutting their workforce due to consolidation of the businesses.
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By GlobalDataLay-offs across bank have also increased this year compared to 2018, the UAE central bank data shows.
Last year, Dubai’s economy grew by 1.9%, the lowest in a decade.
Emirates NBD is one of the largest banking groups in the Middle-East region. It offers retail, corporate, Islamic, investment and private banking, asset management and other financial services.
As of 30 September 2019, the bank had total assets of AED675.6bn ($184bn).
This year, Emirates NBD also acquired Turkish lender Denizbank from Russia’s Sberbank in a bid to support its global expansion.
Earlier this month, Emirates NBD launched instant account opening service from smartphone. It will enable salaried UAE residents to open a current or savings account digitally using Emirates NBD mobile banking app.
